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REUTERS/Andrew Kelly Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Citigroup (C.N) employees expect the bank to announce layoffs and senior management changes on Monday as part of its biggest reorganization in decades, according to five sources with knowledge of the matter. The job cuts could affect thousands of staff, according to a source familiar with the situation who was not authorized to speak publicly. Executives are also likely to announce senior management changes by email, the source said. Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. Support staff in compliance and risk management, and technology staff working on overlapping functions are at risk of being laid off, Reuters reported in September.

Persons: Andrew Kelly, Saeed Azhar, Isla Binnie, Tatiana Bautzer, Svea Herbst, Bayliss, Echo Wang, Lananh Nguyen, Lisa Shumaker Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup, Citi, Reuters, Svea, Thomson Locations: Manhattan , New York City, U.S, New York

REUTERS/Stefan Wermuth/File Photo Acquire Licensing RightsLONDON, Nov 20 (Reuters) - Nacho Gutiérrez-Orrantia, one of Citi's (C.N) 's most senior bankers in Europe, will become the bank's head of banking in Europe as part of its planned restructuring, people familiar with the situation said. In his new role of head of the Europe cluster, the Spanish banker will look after Citi´s businesses in the region. Prior to the restructuring, Europe was part of its EMEA business unit, the second-largest region on a revenue basis, according to Citi's 2022 annual report. Gutiérrez-Orrantia was appointed in 2021 as its co-Head of Banking, Capital Markets and Advisory (BCMA) for Europe, Middle East and Africa (EMEA) and has spent 19 years at the bank. The US bank recently appointed former Deutsche Bank UK deputy CEO Tiina Lee as UK Citi Country Officer (CCO) and UK cluster and banking head.

Persons: Stefan Wermuth, Nacho Gutiérrez, Orrantia, Jens Welter, Jane Fraser, Ernesto Torres, Tiina Lee, Andres Gonzalez, Pablo Mayo Cerquerio, Anousha Sakoui, Louise Heavens Organizations: Citibank, City of, REUTERS, Reuters, Citi, EMEA, Banking, Capital Markets, Advisory, Bilbao, Credit Suisse, Deutsche Bank UK, Citi Country, Thomson Locations: City, City of London, Europe, Spanish, Middle East, Africa, EMEA, America, Asia South, Asia, Australia, Japan

☆ Who's on the OpenAI board — the group behind Sam Altman's ouster
▼ + stars: | 2023-11-18 | by ( Hayden Field | ) www.cnbc.com time to read: +6 min

On Friday, the board of OpenAI, the buzzy AI company behind viral chatbot ChatGPT, suddenly and publicly ousted its CEO Sam Altman. OpenAI's board said it conducted "a deliberative review process" and that Altman "was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities." She is an adjunct senior management scientist at Rand Corporation and has been on the OpenAI board since 2018. "While our partnership with Microsoft includes a multibillion-dollar investment, OpenAI remains an entirely independent company governed by the OpenAI Nonprofit," OpenAI has publicly stated. On that day, Altman told Nadella, "I think we have the best partnership in tech and I'm excited for us to build AGI together."

Persons: Sam Altman, Altman, OpenAI, Greg Brockman, Ilya Sutskever, Adam D'Angelo, Tasha McCauley, Helen Toner, Reid Hoffman, Neuralink, Zilis, Will Hurd, Brockman, Sam, Sutskever, he's, D'Angelo, McCauley, Toner, Andreessen Horowitz, AGI, weren't, Mira Murati, OpenAI's Dev, Satya Nadella, Nadella, Dev, Brad Lightcap Organizations: Thursday's APEC, Summit, Google, Facebook, OpenAI, GeoSim Systems, Rand Corporation, University of Oxford's Center, Georgetown's Center for Security, Emerging Technology, Sequoia Capital, Microsoft, CNBC, Fortune Locations: Texas, OpenAI

☆ Investor JAT Capital sends scathing letter to new Bed Bath & Beyond board over CEO ouster, vacancy
▼ + stars: | 2023-11-17 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Investment firm JAT Capital sent a scathing letter to the board of the new Bed Bath & Beyond on Friday saying it has refused to answer questions from shareholders and is engaging in what the investment firm called unprecedented "poor behavior." Earlier this month, JAT called on Beyond to fire Johnson. In its letter, dated Friday, JAT questioned why Johnson's board seat was removed after his ouster and said it was an attempt to weaken "shareholders ability to have a say." JAT called on Beyond's board to answer its questions, once and for all, and for everyone from vendors to sell-side analysts to demand more transparency. The actions cited below which the Board has taken in the last 60 days appear to be to the detriment of the company and shareholders," the letter states.

Persons: Jonathan Johnson's, JAT's, John Thaler, JAT, Johnson, Jonathan, Marcus Lemonis, Marcus Lemonis wasn't, Allison Abraham, Marcus, Dave Nielsen Organizations: JAT Capital, Inc, JAT Locations: Bath, CNBC's

Carlyle, which started raising its sixth Asia-focused fund in mid-2022, has bagged less than $3 billion so far, two of the sources said. Investors in private equity companies, known as limited partners, typically reinvest after having booked returns from their previous investments. Private equity firms have made a total of $15.6 billion in exits in Asia, down 82% year-on-year, Dealogic data showed. Sources told Reuters last year Carlyle was aiming to raise $8.5 billion in the pan-Asia fund. Capital allocation to China had been bigger in Carlyle's previous Asia funds, different sources with knowledge of the matter have said.

Persons: Carlyle, Jack Ma's, Harvey Schwartz, Goldman Sachs, Patrick Siewert, Nina Gong, Herman Chang, Kane Wu, Sriram, Xie Yu, Sumeet Chatterjee, Miral Organizations: Carlyle, Investors, Reuters, Yes Bank, Thomson Locations: HONG KONG, MUMBAI, Asia, East, Europe, China, U.S, India, South Korea, Carlyle's, Beijing, Hong Kong, Greater China, Carlyle's Hong Kong, Mumbai

☆ ICBC ex-VP being probed by China’s anti-graft body
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Zhang Hongli, a former senior executive at Industrial and Commercial Bank of China (ICBC), is being probed by China’s top anti-corruption watchdog, in a sign of a continuing crackdown in the country’s financial sector. State-owned ICBC is one of China’s “Big Four” banks and the world’s largest lender by assets, according to S&P Global. Prior to joining ICBC, Zhang worked at Deutsche Bank and Goldman Sachs, where he held senior management roles. They include three top executives at the highest ranks of China’s financial world, who have either been probed or charged, according to the commission. In October, Li was expelled from the Communist Party and arrested for allegedly taking bribes, according to Xinhua.

Persons: Hong Kong CNN — Zhang Hongli, Zhang, Goldman Sachs, Bao Fan, Bao, Xi, Li Xiaopeng, —, Li, Liu Liange, Liu, “, Wang Bin, Wang Organizations: Hong Kong CNN, Industrial, Commercial Bank of China, Central Commission, P, Deutsche Bank, ICBC’s Communist Party, Xinhua, CNN, China, Communist Party, of China, China Life Insurance Locations: China, Hong Kong, ICBC, Xinhua

☆ Piyush Gupta: Asia’s most disrupted digital banker
▼ + stars: | 2023-11-02 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

Piyush Gupta, CEO of DBS Group (DBSM.SI) is often lauded as Asia’s top financier and has been tipped as a candidate to lead global rivals. Yet following repeated serious failures in its digital banking services, the Monetary Authority of Singapore has banned DBS from non-essential activities including M&A. It puts dividends at risk and will attract the eye of watchdogs overseas where the lender is busy expanding. On the back of record profits, Gupta earned $11.4 million last year, making him one of Asia’s highest remunerated bank CEOs. MAS will retain a multiplier of 1.8 times to DBS’ risk weighted assets for operational risk, an increase from a multiplier of 1.5 times MAS applied in February 2022.

Persons: Piyush Gupta, Ping, aren’t, OCBC’s, Peter Seah, Gupta, Breakingviews, he’s, Una Galani, Thomas Shum Organizations: Reuters, DBS Group, HK, HSBC, Monetary Authority of, DBS, MAS, Lakshmi, Bank, Monetary Authority of Singapore, Thomson Locations: SINGAPORE, Monetary Authority of Singapore, India, Taiwan, Singapore

☆ How to deal with a narcissistic boss, including whether you should consider quitting, according to 4 career coaches
▼ + stars: | 2023-11-02 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +7 min

Niamh O'Keeffe, a leadership advisor and the author of "Get Promoted," said someone with narcissistic traits might feel superior to their coworkers and "end up in very senior leadership positions because they want the spotlight." What distinguishes narcissistic bosses from other leaders, O'Keeffe said, is that they act on their own behalf, not their team or workplace. They don't respect boundariesBrady said that managers with narcissistic traits might be highly demanding and expect long working hours from those they manage. How to handle a narcissistic boss, including considering whether you can quitIf you recognize your manager has narcissistic traits, there are several options. Formulating an "exit strategy" could be the best option, Brady said, if you come to feel narcissistic behavior is being rewarded in your workplace.

Persons: Niamh O'Keeffe, O'Keeffe, O'Keefe, Sinéad Brady, Cassie Spencer, Sara Karlen Lacombe, Brady, Spencer, hasn't, you've

An office of TikTok, whose move could double or triple the number of subpar grades given this year, some managers say. Photo: how hwee young/ShutterstockSINGAPORE—TikTok is asking managers across the world to give more employees lower ratings in performance reviews, a move that staff fear could reduce bonuses and lead to layoffs, people familiar with the matter said. In mid-October, managers were told by senior management and staff in human resources that they needed to assign more performance reviews at the lower end of the company’s bell-curve rating system, employees managing teams in the U.S., Singapore and China told The Wall Street Journal. This could double or triple the number of subpar grades given on some teams this year, the people said.

Organizations: SINGAPORE, Wall Street Locations: U.S, Singapore, China

Organizations: SINGAPORE, Wall Street Locations: U.S, Singapore, China

Organizations: SINGAPORE, Wall Street Locations: U.S, Singapore, China

☆ Working in Silicon Valley used to be fun. Now it's just another miserable corporate gig.
▼ + stars: | 2023-10-17 | by ( Aaron Terrazas | ) www.businessinsider.com time to read: +12 min

For the first time in a long time, tech workers are in a funk. This rare combination of generous compensation and a reasonable work-life balance kept tech workers happier than employees in other industries. Economy wide, there were on average 6.6 front-line workers per manager in 2018 and 2019, but post-pandemic, the ratio dropped to 6 to 1. It's possible that as tech companies have grown into more complex organizations, more management layers are necessary. Fundamentally, it's about listening to and elevating the voices of front-line employees.

Persons: —, Kristi Coulter, Aaron Terrazas Organizations: Linkedin, Tech, Wall Street, Federal Reserve, Microsoft, Amazon, California Bay, Austin , Texas —, Ford Motor Company, Intel Locations: Wall, California, California Bay Area, Austin , Texas, neckties

☆ Millennium isn't Schonfeld's only suitor. Investors like Blackstone and Abu Dhabi's wealth fund are also in the picture, as the deal is far from certain.
▼ + stars: | 2023-10-13 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +4 min

The message was that a tie-up with Millennium was a 50-50 proposition and that any agreement would be contingent on Schonfeld remaining independent. Other strategic investors in the mix include Blackstone, GIC, and Future Fund, an Australian sovereign wealth vehicle that's already a significant Schonfeld investor. Schonfeld's assets have dipped this year amid meager returns, and the fund has cut costs and slowed hiring in recent months. But fundraising from cautious institutional investors is time-consuming, and Millennium chief trading officer Mark Meskin contacted Schonfeld's leadership to discuss a potential tie-up, sources say. Schonfeld, industry sources say, was likely under pressure from existing investors, who have had to bear a higher brunt of the fees following redemptions.

Persons: Izzy Englander, Justin Gmelich, Ryan Tolkin, Schonfeld, Steve Schonfeld's, Mark Meskin, Schonfeld's, — Organizations: Financial Times, Millennium, Schonfeld, Tolkin, Abu, Abu Dhabi Investment Authority, year's, Future Fund Locations: Manhattan, Millennium's, Abu Dhabi, Schonfeld

☆ Jes Staley: UK FCA bans former Barclays CEO for failing to disclose Epstein ties
▼ + stars: | 2023-10-12 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

Mr Staley failed to do this,” Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said in the statement. The FCA found that Staley “recklessly” approved a letter Barclays sent to the watchdog, which contained two misleading statements, the agency said. The letter, in response to an FCA request in August 2019, claimed that Staley did not have a close relationship with Epstein. “In reality, in emails between the two Mr Staley described Mr Epstein as one of his ‘deepest’ and ‘most cherished’ friends,’” the FCA said. The Barclays letter also claimed Staley had ceased contact with Epstein well before he joined the British bank in December 2015.

Persons: London CNN — James “ Jes ” Staley, Jeffrey Epstein, “, Mr Staley, ” Therese Chambers, Mr Epstein, ” Epstein, Staley “, ”, Staley, Epstein, ’ Organizations: London CNN, JPMorgan Chase, Barclays, Financial, Authority, Staley, FCA, British, JPMorgan Locations: New York

☆ Former Barclays CEO Staley fined and banned by UK regulator over Epstein links
▼ + stars: | 2023-10-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Jes Staley, former CEO of Barclays, arrives at the offices of Boies Schiller Flexner LLP in New York on June 11, 2023. LONDON — Former Barclays CEO Jes Staley on Thursday was fined and banned from holding any position of influence in the U.K. financial services industry for misleading the regulator over his relationship with sex offender Jeffrey Epstein. "Mr Staley is an experienced industry professional and held a prominent position within financial services. Emails subsequently emerged in which Staley described Epstein as one of his "deepest" and "most cherished" friends, the FCA confirmed. Barclays' letter also claimed Staley had ceased contact with Epstein long before he joined the bank in December 2015.

Persons: Jes Staley, Boies Schiller Flexner, Jeffrey Epstein, Staley, Epstein, Therese Chambers, Mr Staley, Mr Epstein, Chambers Organizations: Barclays, LONDON, Financial, Authority, Staley, FCA, Barclays Board, Manhattan's Metropolitan Correctional Center Locations: New York, LONDON —, Manhattan's

☆ Exxon buying Pioneer will trigger $71 million in executive windfalls
▼ + stars: | 2023-10-11 | by ( David French | ) www.reuters.com time to read: +4 min

Sheffield is one of the few Pioneer executives who will have a post-deal role - he is set to join Exxon's board. Changes to pay packages that make executive compensation more lucrative in proximity to a sale announcement can also raise eyebrows. The expected payouts do not count whatever Pioneer stock management owns and will be acquired as part of the Exxon deal. Exxon's acquisition of Pioneer will be paid for using new Exxon shares, meaning shares in Pioneer owned by management will be replaced by Exxon stock. It was unclear whether management would have any restrictions on when they could sell the Exxon stock they would ultimately own.

Persons: Scott Sheffield, Eduardo Munoz, Richard Dealy, Bart Brookman, Chris Kendall, Denbury, David French, Gary McWilliams, Anna Driver Organizations: Natural Resources Company, REUTERS, Natural Resources, Exxon Mobil, Sheffield, Pioneer, Reuters, Exxon, Kimmeridge Energy Management, PDC Energy, Chevron, Thomson Locations: New York, U.S, America, Houston

☆ UK finance professionals urged to sign diversity code
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The CFA Institute has 200,000 members globally, with about 12,000 in Britain. Signatories to the code will provide a confidential, annual progress report to the CFA Institute, which will report industry-wide figures once a critical mass of signatories is reached. It comes on top of initiatives such as the Women in Finance charter backed by the finance ministry, which are well established and supported, although progress has been uneven. "The regulator sets the mandatory baseline, we can look to aspirational goals," said Sarah Maynard, global senior head, external diversity, equity and inclusion, at the CFA Institute. Given the global nature of finance, the CFA is also looking at how the code can help join up different national initiatives.

Persons: Toby Melville, Sarah Maynard, Maynard, Huw Jones, Mark Potter Organizations: REUTERS, Companies CFA, CFA Institute, CFA, Women, Finance, Britain's, Authority, Bank of England, Thomson Locations: London, Britain, U.S, United States, Canada

The case concerns a former senior IT manager who raised concerns about how a data loss had been handled. A hearing for Barclays' appeal to the Bombay High Court is listed for Oct. 20, court records show. They declined to comment on the specifics of the Indian case. Gupta has also appealed to the Bombay High Court, court records show, arguing the pay-out awarded was too low, the source familiar with the appeals said. Last year, Gupta also filed a secondary civil case against Barclays, another court filing shows.

Persons: Atul Gupta, Jes Staley, Francesca West, Gupta, Arpan Chaturvedi, Sinead Cruise, Alexander Smith Organizations: Barclays, Reuters, Financial, Authority, FCA, Global Service Centre Private Limited, Bombay High Court, Thomson Locations: Indian, Pune, Bombay

☆ Walgreens says cooler screens caught fire and showed the wrong prices in its stores
▼ + stars: | 2023-10-02 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Cooler Screens, the company behind the displays, planned to roll out the screens in hundreds of Walgreens locations. Walgreens had authorized Cooler Screens to install the technology in 700 stores, according to the Wall Street Journal. TikTok users have posted videos over the past couple of years showing problems with Cooler Screens displays at stores. Cooler Screens sued Walgreens in June, saying the retailer violated its contract with the startup. Cooler Screens told Insider that the issues were caused by "Walgreens' outdated and poorly maintained electrical system."

Persons: —, Walgreens, Roz Brewer's, Brewer Organizations: Walgreens, Service, Wall Street, CVS

The officials inspected laptops of Lenovo employees during the visit, one of the sources said. They also tried to contact Lenovo's senior management during and after the visit as part of the inquiry, the person added. Lenovo, which confirmed the visit, said it was "co-operating with the authorities and will provide all possible support required". Earlier in the day, Reuters reported that tax officers also visited the facilities of contract manufacturer Flex Ltd in Tamil Nadu state. Reporting by Munsif Vengattil in Bengaluru and Aditya Kalra in New Delhi; Editing by Toby Chopra, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas White, Munsif, Aditya Kalra, Toby Chopra, Kirsten Donovan Organizations: Lenovo, REUTERS, Rights, Wednesday, Reuters, Flex, Thomson Locations: Puducherry, Bengaluru, Tamil Nadu, New Delhi

☆ Cainiao IPO: Alibaba's logistics business will go public in first IPO from the new-look tech giant
▼ + stars: | 2023-09-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Alibaba said Tuesday that it would spin off Cainiao, its logistics arm, in what will be the conglomerate’s first initial public offering since it announced a sweeping revamp of its business earlier this year. Cainiao will remain a subsidiary of Alibaba. Founded in 2013, Cainiao operates a global logistics network and provides delivery services for Alibaba and other firms. Alibaba is now beginning to follow through with the most ambitious restructuring in its 24-year history, under new leadership. Cainiao’s listing could provide a much-needed boost to Hong Kong’s beleaguered IPO market.

Persons: London CNN — Alibaba, Cainiao, Alibaba, Eddie Wu, Perris Lee Organizations: London CNN, Alibaba, Cainiao Smart Logistics Network, Hong Kong Stock Exchange, CNN Locations: Hong, Hong Kong, Dealogic

☆ Top Wall Street analysts are bullish on these dividend stocks
▼ + stars: | 2023-09-24 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

Bearing that in mind, here are five attractive dividend stocks, according to Wall Street's top experts on TipRanks, a platform that ranks analysts based on their past performance. PEG's dividend yield is 3.8%. SO offers a dividend yield of 4%. In January, the oil and gas giant increased its quarterly dividend by about 6% to $1.51 per share, making 2023 the 36th straight year with a higher dividend payment. It paid a cash dividend worth $1.9 billion in the quarter and repurchased 2.4 million shares.

Persons: Michael Wirth, Adam Jeffery, Wall, Shelby Tucker, Tucker, Southern Company Tucker, Goldman Sachs, Neil Mehta, Mehta, Baird, Tristan Gerra, Gerra Organizations: Chevron, CNBC, Public Service Enterprise, Public Service Enterprise Group, RBC Capital, Public Service Electric and Gas, TipRanks, Southern Company, Southern, Chevron Hedge Fund, Broadcom Semiconductor, Broadcom, Nvidia, Myers Locations: U.S, New Jersey, TipRanks, Bristol

☆ Donald in Wonderland: lawyers for New York and Trump trade 'looking glass' jabs ahead of business-fraud trial
▼ + stars: | 2023-09-22 | by ( Laura Italiano | ) www.businessinsider.com time to read: +6 min

Lawyers for New York's attorney general and Donald Trump sparred in a Manhattan courtroom Friday. AdvertisementAdvertisement"The defendants have clearly stepped through the looking glass," Amer told the judge, New York Supreme Court Justice Arthur Engoron. AdvertisementAdvertisement"We're through the looking glass here, too," Kise, who Trump has paid a $3 million retainer, promised the judge. AdvertisementAdvertisementNew York AG Leticia James' lawsuit against Trump will go to trial in October. AdvertisementAdvertisementShe's also asking the judge to ban Trump and Trump Org for five years from buying real estate in the state.

Persons: Donald Trump sparred, Trump, Donald Trump, Letitia James, Andrew Amer, Amer, Arthur Engoron, James, –, Christopher Kise, Trump's, Kise, general's, I'm, AG Leticia James, YUKI IWAMURA, Mario Tama, He'll, he'll, She's Organizations: New, Service, AG, Trump, Getty, Trump Organization, Trump Org Locations: Manhattan, Wall, Silicon, New York, AFP, Springs, Trump

☆ Banks scramble to find leaders equipped for today’s economic realities
▼ + stars: | 2023-09-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

That means most current executives, who came up in the era of easy money, are unfamiliar with the complexities of running a bank under today’s conditions. Some CEOs are deciding that they need to make drastic, expensive and often unpopular institutional changes to help them keep up. Banks currently have strong managers, but not a lot of strong leaders, said David Schiff, senior partner at West Monroe. Prior to the current interest rate hikes, banks had been operating with low-interest, stable rates for nearly two decades, he said. It has not had a strike in its Canadian operations since 1990 and had not had a US strike since 1978.

Persons: Jane Fraser, Fraser, Mike Santomassimo, Truist, Venkatakrishnan, Goldman Sachs, It’s, Roger Hochschild, Morgan Stanley, James Gorman, Banks, David Schiff, That’s, aren’t, ”, Schiff, “, “ There’s, Chris Isidore, Unifor, ” Ford, Lana Payne, Clorox, Jordan Valinsky Organizations: CNN Business, Bell, New York CNN, Citigroup, Citi, Wells, Reuters, Barclays, C.S, CNBC, Discover, Canadian, Ford, Ford Motor Company, United Auto Workers, General Motors, Jeep, Dodge, Chrysler Locations: New York, West Monroe, Canada, Clorox

☆ Turmoil showed top level failures at banks, global watchdog says
▼ + stars: | 2023-09-14 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Brittany Hosea-Small/File Photo Acquire Licensing RightsLONDON, Sept 14 (Reuters) - This year's bank turmoil showed some boards and senior management failed in their most basic responsibilities and more regulatory guidance may be needed, a global watchdog said. Pablo Hernandez de Cos, chair of the Basel Committee, said on Thursday that the turmoil highlighted many shortcomings. The Basel Committee writes capital rules for banks, determining how much they need to set aside in case they get into difficulty. Most of the banks that failed during the turmoil were not subject to Basel's standards, said de Cos, who is also governor of the Bank of Spain. Basel may also consider how national regulators decide to exempt a bank with cross-border features from the committee's standards, de Cos said.

Persons: Brittany Hosea, Pablo Hernandez de Cos, de Cos, Cos, Huw Jones, Alexander Smith Organizations: Bank, REUTERS, Credit Suisse, Silicon Valley Bank, Basel Committee, Committee, Bank of Spain, Banking, Thomson Locations: Santa Clara , California, U.S, Basel

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